Diebold (DBD) is a leader in banking automation with the ATM as its core. Yet it has misfired over the past few quarters, as the ATM market has grown stodgy and stale.

But during this slow period, Diebold has quietly evolved its products beyond self-directed banking into information management and other areas of the Internet, and is slowly continuing to automate banking.

And the company just bought one of its biggest rivals, doubling its size and gaining a 40% share of the projected $74 billion dollar self-service kiosk market by 2020.

Now, with the 2016 purchase of Germany’s Wincor Nixdorf, Europe’s largest self-service kiosk company, Diebold will double its sales and increase its global reach in banking and beyond.

The deal, which will cost $1.8 billion and is expected to close in the next six months, makes Diebold a global powerhouse. The combined company will be the number one ATM machine maker in the world.

Those retail kiosks will be key to Diebold’s growth. Convenience stores, small businesses, and gas stations are ripe for automation. That means adding self-checkout terminals, digital fuel pumps and automated car wash operations, for example. Wincor has a sizeable footprint in those products.

Making kiosks interactive and for more than one purpose is the future in this industry. ATMs will no longer just dispense cash.

Diebold is dirt cheap, selling at just over 9 times trailing earnings while paying a nifty 4% dividend.

It’s been suffering some growing pains, but gross income and revenue in the most recent quarter are rebounding. Plus, it’s cash rich.

Diebold seems to have seen its worst days, and its acquisition of Wincor is full of potential.

But I have two major questions: Will the merger go smoothly and will the combined business deliver on its growth potential? While I judge both risks to be moderate, they are dwarfed by the upside potential.